The blockchain may be used as a public ledger to store any type of information. Although, primarily used for financial transactions, the blockchain can store any type of information including assets (i.e., products, packages, services, status, etc.). The blockchain may be used to securely store any type of information in its immutable ledger. Decentralized consensus is different from the traditional centralized consensus, such as when one central database used to rule transaction validity. A decentralized scheme transfers authority and trusts to a decentralized network and enables its nodes to continuously and sequentially record their transactions on a public “block,” creating a unique “chain” referred to as the blockchain. Cryptography, via hash codes, is used to secure the authentication of the transaction source and removes the need for a central intermediary.
Blockchain's policy is to save all the block data on each of the nodes of the blockchain to ensure data consistency. Based on this policy, each node's maximize space for data utilization is limited and each node is required to store a large amount of data. In traditional blockchains, each node stores information for all of the blocks. With more transactions/blocks, tremendous storage is consumed on each node.